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Cash Receivables Less: Allowance Inventory Prepaid insurance Land Equipment (net) MARIGOLD INC. BALANCE SHEET DECEMBER 31, 2020 $44,700 Notes payable (short-term) $109,900 Accounts payable 15,000
Cash Receivables Less: Allowance Inventory Prepaid insurance Land Equipment (net) MARIGOLD INC. BALANCE SHEET DECEMBER 31, 2020 $44,700 Notes payable (short-term) $109,900 Accounts payable 15,000 94,900 Accrued liabilities 169,900 Common stock (par $5) 8,000 Retained earnings 20,100 149,500 $487,100 $50,500 32,300 4,900 258,900 140,500 $487,100 MARIGOLD INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,397,300 Cost of goods sold Inventory, Jan. 1, 2020 $198,900 Purchases 793,500 Cost of goods available for sale 992,400 Inventory, Dec. 31, 2020 (169,900) Cost of goods sold 822,500 Gross profit on sales 574,800 Operating expenses 170,600 Net income $404,200 MacBook Air Compute the following ratios or relationships of Marigold Inc. Assume that the ending account balances (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) 3.62 times (1) Current ratio (2) Inventory turnover times (3) Accounts receivable turnover 4.72 times (4) Earnings per share 7,80 (5) Profit margin on sales (6) Return on assets on December 31, 2020 e Textbook and Media
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